Market Insights Health OTC Pharmaceuticals

Analgesics - Australia & Oceania

Australia & Oceania

In Australia & Oceania, the revenue in the Analgesics market in 2024 amounts to US$0.88bn.
It is projected that the market will experience an annual growth rate of 6.58% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with US$7,243.00m in 2024.
In terms of per person revenues, in 2024, each individual contributes US$20.15 to the market's total revenue.
Sales of over-the-counter analgesics in Australia have seen a significant increase due to the country's high prevalence of chronic pain conditions.

Key regions: Canada, United States, United Kingdom, Australia, Germany

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Analyst Opinion

The Analgesics market in Australia & Oceania is experiencing steady growth due to various factors.

Customer preferences: Customers in Australia & Oceania have shown a growing preference for over-the-counter (OTC) analgesics due to their convenience and accessibility. OTC analgesics are widely available in pharmacies, supermarkets, and convenience stores, allowing customers to easily purchase them without a prescription. This convenience factor has contributed to the increasing demand for analgesics in the region.

Trends in the market: One of the key trends in the Analgesics market in Australia & Oceania is the rising demand for natural and herbal analgesic products. Customers are becoming more conscious of the ingredients used in analgesics and are opting for products that are perceived to be more natural and less harmful. This trend is driven by the growing awareness of the potential side effects of synthetic analgesics and the desire for more holistic and sustainable healthcare options.Another trend in the market is the increasing popularity of online retail channels for purchasing analgesics. The rise of e-commerce platforms has made it easier for customers to compare prices, read reviews, and make informed decisions about their purchases. This shift towards online shopping has also opened up new opportunities for smaller, niche analgesic brands to reach a wider customer base.

Local special circumstances: Australia & Oceania has a unique geography and climate, which can influence the demand for analgesics. The region experiences a high level of outdoor activities and sports, which can lead to an increased need for pain relief products. Additionally, the hot climate in many parts of the region can contribute to conditions such as sunburn and heatstroke, further driving the demand for analgesics.

Underlying macroeconomic factors: The growing aging population in Australia & Oceania is a significant macroeconomic factor driving the demand for analgesics. As the population ages, the prevalence of chronic pain conditions such as arthritis and back pain increases, leading to a higher demand for pain relief medication.Furthermore, the increasing disposable income in the region has also contributed to the growth of the Analgesics market. As people have more discretionary income, they are more likely to spend on healthcare products, including analgesics.In conclusion, the Analgesics market in Australia & Oceania is witnessing steady growth driven by customer preferences for OTC products, the rising demand for natural and herbal analgesics, the popularity of online retail channels, the unique local circumstances of the region, and the underlying macroeconomic factors such as the aging population and increasing disposable income.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.